Malabar Gold to open more shops overseas

Half of the company's income comes from overseas outlets even as it has fewer showrooms abroad than in India.KOCHI: Kerala-based jeweller Malabar Gold and Diamonds plans to open more showrooms overseas in Asian countries as it expects a major share of its income to come from abroad in the coming years.

Half of the company's income comes from overseas outlets even as it has fewer showrooms abroad than in India. “We are expecting our turnover to increase over 20% to Rs 26,000 crore this fiscal year, half of which will be from shops abroad,“ chairman MP Ahammed told ET.

With six new showrooms expected to come up by the first week of November, the total count will go up to 142, of which 79 will be in India and 63 abroad, a majority of which will be in West Asia.

Besides setting up more outlets in the Gulf region, particularly in Saudi Arabia, the group is also keen on expanding its footprint in Southeast Asian countries. It has three outlets in Singapore now and one in Malaysia. The group plans to expand to a total of 300 outlets by 2020.